As the first step in Colruyt’s ESEF compliance journey, team IRIS CARBON® converted the company’s 2018-19 AFR into the iXBRL format.
The exercise had a benefit to it. Team Colruyt could examine first-hand the ESEF taxonomy tags that apply to their disclosures and the appearance of an iXBRL annual report. During a highly successful two-day workshop, IRIS CARBON® handheld team Colruyt through a review of their iXBRL. It was only a matter of time before team Colruyt used the same XBRL tags to prepare their 2019-20 iXBRL annual report.
It is to the credit of team Colruyt that they opted to comply with Phase 1 and Phase 2 of ESEF right from the first year of their compliance (2019-20 annual report). In Phase 1, companies need to use XBRL tags to markup their primary financial statements. In Phase 2, they also need to block-tag the notes to accounts.
Since team Colruyt trained on preparing the 2018-19 annual report, they had a smooth process with the 2019-20 annual report, However, the company did not test-file their 2020 ESEF iXBRL filing with the regulator, deciding instead to benefit from the mandate’s postponement by one year. They were preparing for the mandatory 2021 ESEF filing that was to happen in 2022. They ensured that they were fully ready for the first live filing.
All efforts paid off when team Colruyt successfully complied with the ESEF mandate, filing their 2021 annual report with the Belgian regulator in August 2022.
Team Colruyt was highly impressed by IRIS CARBON®’s dedication to their ESEF compliance and 24*7 support during the filing period.